Texas billionaire R. Allen Stanford, chairman of the troubled Stanford Financial Group, is set to appear in federal court Friday on fraud charges after surrendering to FBI agents in Virginia the day before, officials said.

At least five individuals, including Stanford, have been arrested following a sweeping federal indictment over an alleged $8 billion Ponzi scheme, CNBC had learned. Stanford and the others are expected to appear before federal magistrates in three states Friday.

The Justice Department has scheduled a news conference at noon ET in Washington, and the Director of Enforcement for the Securities and Exchange Commission, Robert Khuzami, is also expected to attend. Sources tell CNBC that in addition to the new criminal charges, the SEC is to lodge new civil charges.

Late word has the SEC alleging that the CEO of Antigua’s financial regulatory body, LeRoy King, facilitated Stanford in the ponzi scheme.

Stanford, who built a small real estate business into a global banking empire and became one of America’s richest men, is in federal custody in Virginia. He was arrested within hours of his indictment Thursday in what authorities have called a “massive” $8 billion Ponzi scheme.

But did you know that Stanford was a business associate of Vice President Biden’s Family?

Stanford had links to fund run by Bidens: report

(Reuters) – A fund of hedge funds run by two members of Vice President Joe Biden’s family was marketed exclusively by firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.

The $50 million fund was jointly branded between the Bidens’ Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said.

Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.

DO YOU THNK THE PROBLEM IS THE SEC DIDN’T HAVE THE AUTHORITY TO PREVENT THIS CRIMINAL CONDUCT OR DO YOU BELIEVE THE SEC GAVE STANFORD A PASS BECAUSE OF HIS CONNECTION TO NOW VICE PRESIDENT AND THEN SENATOR BIDEN’S FAMILY?

One Response

Before Inzon, there was Elandia. Victims of Elandia fraud, the Ahkoy Family is now suing Elandia in Pacific and Florida courts. Elandia’s Allen Stanford and Sydney D. “Trip” Camper orchestrated the Ponzi scheme against Datec, the Ahkoy family business. When Elandia was exposed, Allen Stanford forced Trip Camper to resign. In true Stanford form, Trip Camper found his next fraud victim in Los Angeles – a private and profitable company with aspirations to go public. With the help of his new partner in crime Edward G. Berkhof, Trip Camper formed a “shell” holding company and together they pretended to be the owners of this private company, arranged a trip to London, opened up secret bank accounts, performed an illegal hostile takeover, and ruined the los angeles company in the same fashion as Datec, the Ahkoy family business.

Ponzi schemer Allen Stanford is in the hands of the FBI, and swindlers Trip Camper and Ed Berkhof are STILL at large. According to recent articles, “FMC Acquires SMS..” FMC Telecom founder Frank Cassidy is either a NEW partner in crime for Ed Berkhof OR he is simply ANOTHER victim fallen prey to Ed Berkhof’s web of lies and empty promises to “take a company public”. Investors beware! Ed Berkhof is neither a President, COO or Investor of anything. Ed Berkhof is a con artist and a has-been third rate bass player from Florida trying to find a payday.

When will the FBI stop these Ponzi scam artists? Thieves like Allen Stanford, Bernie Madoff, Trip Camper and Ed Berkhof are leaving a path of destruction and a wake of fallen victims of fraud.